7-Eleven owner announces counter-bid to foreign buyout

Tokyo: The Japanese owner of 7 Eleven said Wednesday its founding family had offered a counter bid to a takeover attempt by Canadian convenience store...

Tokyo: The Japanese owner of 7-Eleven said Wednesday its founding family had offered a counter-bid to a takeover attempt by Canadian convenience store rival Alimentation Couche-Tard (ACT).

With around 85,000 outlets, 7-Eleven is the world's biggest convenience chain. If realised, Couche-Tard's seven trillion yen ($45 billion) takeover would be the largest foreign buyout of a Japanese firm.

Bloomberg News said up to nine trillion yen could be spent on taking the retail group private instead.

Seven & i said on Wednesday it had received a non legally binding acquisition proposal from its vice president Junro Ito, the founder's son, and his company Ito-Kogyo.

A special committee "has been reviewing the proposal carefully and thoroughly with its financial and legal advisors", its statement said.